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5 June 2024 | 5 replies
suggest you start with Dave Ramsey principals ... then move out from there.there is some big huge fallacy that Real estate is going to let you quit your job and your going to have all this time for the kiddos etc.this will never happen in the short term with rental property.. you build a nice base for retirement in 30 plus years for sure.. but for short term replace your income and have all this free time you need to make transactional income with big hits.. your not going to get their with 200 to 300 a month cash flow on a levered up rental .
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8 June 2024 | 37 replies
Also you have to be aware that some of the "wholesale" deals were actually purchased off MLS and just recycled with that marketing term.
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8 June 2024 | 31 replies
Though if personal use or long term safety are a concern it can make a lot of sense as Disney will always be a market (whereas places like Broken Bow I could see fading from popularity) and unlike many markets there is almost no regulation risk since these properties are built in tourist zones specifically for STR.I own there and manage others so have real world revenue data if you want specifics.
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9 June 2024 | 16 replies
Asking in terms of the neighborhood, schooling systems, etc.
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5 June 2024 | 10 replies
Hi Daniel,Do you means of collateralizing assets you own for a short term funds like a primary residence or other assets?
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8 June 2024 | 1 reply
These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.
8 June 2024 | 4 replies
It will appreciate over the long term.
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7 June 2024 | 24 replies
My suggestion is to come up with a list of questions that are important to you and speak with all these "gurus".Then evaluate the responses and your long term goals to see if anyone in particular stands out and can bring you faster (!)
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9 June 2024 | 18 replies
Prepayment penalties- usually 1-5 year terms.
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9 June 2024 | 2 replies
He broke it down into what most people estimate, what a handyman would estimate, what a "paper contractor" would estimate (I had never heard that term before), and what a full team contractor would estimate, and the difference was eye-opening.